It is that time of year again – when the provincial government of Alberta gets ready to put forward its annual budget.
Last year’s provincial budget by the Jim Prentice Conservatives was never adopted after they fell to the New Democrats and Premier Rachel Notley in the subsequent election.
It took the newly elected government until fall to table a budget, but this year plans are to see the budget put forward in the legislature in April.
Beforehand, however, the government is offering opportunities for Albertans to share their ideas and priorities about the economy with the Budget 2016 process.
Notley and Finance Minister Joe Ceci held two telephone town hall meetings on March 15 and 16 to provide people with the opportunity to ask questions and participate in interactive live polling.
“We know many hardworking Albertans, families and businesses are facing serious challenges due to the collapse of oil prices,” Notley said. “It is important to hear directly from Albertans as we deliver our plan to support jobs and families through this downturn and emerge stronger than ever.”
Notley and Ceci stated that job creation and economic diversification are priorities leading into the budget process during a town hall in Fort McMurray at the beginning of the month.
The government, as well as residents and businesses in Alberta, have faced historically low oil prices and declining revenues. Third quarter results released in February showed the province is facing a significant budget shortfall as oil prices continue to collapse to the lowest levels in more than a decade.
Total revenue for 2015-16 is forecast to be $43.1 billion. That is $660 million lower than estimated, due primarily to a reduction of $762 million in personal income tax revenue and a $294 million net decrease to resource revenue. Total expense is forecast to be $49.4 billion – $463 million lower than anticipated at budget.
Go to www.alberta.ca/budget for more information on the process.
